Is the $695 Annual Fee American Express Platinum Card Worth It? A Comprehensive Guide for Travelers and Savvy Shoppers

The $695 annual fee for the American Express Platinum card can be worth it for many cardholders, but its value depends largely on individual spending habits and travel preferences.

Here’s a breakdown of key considerations:

Disclosure

Readers like you support the content below. If you click on the included links, we may earn a commission. The credit card details have not been provided or reviewed by the credit card issuer; instead, they were written solely by KosherSquared based on our understanding of the American Express Platinum card.

Travel Benefits

For frequent travelers, the Platinum card offers substantial value:

• $200 Annual Airline Fee Credit: This can be used for incidental fees such as baggage fees and in-flight refreshments, as well as certain seat selections but not cabin upgrades.
• $200 in Uber Cash Annually: This benefit provides $15 per month for Uber rides or Uber Eats, plus a $20 bonus in December.
• Access to Airport Lounges: Cardholders enjoy access to over 1,400 airport lounges worldwide, including exclusive Centurion Lounges that offer complimentary food, drinks, and a relaxing environment. The Centurion Lounges are particularly impressive, and American Express is expanding the Centurion footprint to additional locations such as Newark and Tokyo.
• Global Entry or TSA PreCheck Credit: Up to $120 credit for application fees every four years.
• $199 Annual CLEAR Credit: This benefit allows cardholders to cover the cost of a CLEAR membership, which expedites the airport security process by using biometric technology, helping you bypass long lines and save valuable time during travel.
• Hotel Status: Automatic Hilton Honors and Marriott Bonvoy Gold Elite status enhances your hotel stays with perks like room upgrades and late checkouts.
• $200 Annual Hotel Credit: Cardholders receive up to $200 in statement credits for prepaid bookings at Fine Hotels & Resorts and The Hotel Collection properties made through the Amex Travel portal. This credit can significantly offset accommodation costs and includes additional perks such as room upgrades, late checkout, and a $100 property credit for dining or spa services, making it an excellent benefit for travelers.

If you travel at least a few times a year, these travel benefits can quickly offset the annual fee. The value of Centurion Lounge access alone can be significant, especially for those who prioritize comfort during layovers, not to mention the free food and drinks.

Lifestyle Credits

Even for less frequent travelers, the card offers several credits that can provide value:

• $240 Annual Entertainment Credit: This $20 monthly credit can be used for select streaming services.
• $100 Annual Saks Fifth Avenue Credit: This is split into two $50 credits every six months, perfect for fashion enthusiasts.
• $300 Annual Equinox Credit: This is beneficial for fitness enthusiasts who frequent Equinox gyms.

Uber Benefits

The $200 annual Uber Cash benefit can be particularly valuable for those who regularly use Uber or Uber Eats. This credit alone covers nearly 30% of the annual fee, making it an attractive feature.

Amex Offers

Amex Offers provide significant discounts on purchases you might already be making. While the value varies, these offers can potentially save hundreds of dollars per year, adding to the overall worth of the card.

Additional Considerations

• Welcome Bonus: The card often comes with a substantial welcome offer that can offset the first year’s annual fee and provide significant value. For example, the current offer is as high as 175,000 Membership Rewards points, which can be valued at more than $3,000 when redeemed for travel.
• Earning Structure: Cardholders earn 5x points on flights booked directly with airlines or through Amex Travel (on up to $500,000 per calendar year) and 5x points on prepaid hotels booked through Amex Travel.
• Travel Protections: These include trip delay insurance, trip cancellation insurance, and car rental loss and damage insurance, providing peace of mind while traveling.

Is It Worth It?

The Amex Platinum can be worth its $695 annual fee if you:

1. Travel at least several times a year and value airport lounge access, particularly the lauded Centurion Lounges
2. Can maximize the various statement credits.
3. Use Uber or Uber Eats regularly.
4. Take advantage of Amex Offers.
5. Appreciate luxury travel perks and hotel status.

However, if you don’t travel often or can’t utilize most of the credits, the card’s value proposition diminishes significantly. In that case, a card with a lower annual fee, such as the American Express Gold Card, might be a better fit. Ultimately, the card’s worth depends on your lifestyle and spending habits. Carefully evaluate your own situation to determine if the benefits outweigh the cost for you.